Credit Rating- Revision

CARE Ratings Limited has upgraded the long-term bank facilities of Apar Industries Limited to CARE AA with a Stable outlook from CARE AA-, while reaffirming the short-term bank facilities at CARE A1+. The upgrade reflects a stronger business and capital profile driven by sustained growth in operating scale, improved profitability, expanding premium product contributions, and a successful 2,500 Cr QIP that significantly strengthens the net worth and reduces reliance on short-term borrowings.